Wealthfront Advisers LLC Takes Position in Ciena Co. (NYSE:CIEN)

Wealthfront Advisers LLC purchased a new position in shares of Ciena Co. (NYSE:CIEN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,802 shares of the communications equipment provider's stock, valued at approximately $746,000.

Several other large investors have also modified their holdings of the stock. FMR LLC raised its stake in shares of Ciena by 0.5% during the third quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider's stock worth $1,334,290,000 after purchasing an additional 108,407 shares during the last quarter. State Street Corp raised its stake in shares of Ciena by 1.2% during the third quarter. State Street Corp now owns 4,439,478 shares of the communications equipment provider's stock worth $273,427,000 after purchasing an additional 53,078 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Ciena by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider's stock worth $148,348,000 after purchasing an additional 33,074 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Ciena by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 959,831 shares of the communications equipment provider's stock worth $81,403,000 after acquiring an additional 4,315 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Ciena in the third quarter worth $57,861,000. Hedge funds and other institutional investors own 91.99% of the company's stock.

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Wall Street Analysts Forecast Growth

CIEN has been the subject of several research analyst reports. Bank of America upgraded Ciena from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $70.00 to $95.00 in a research report on Friday, December 13th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 12th. Stifel Nicolaus reiterated a "buy" rating and issued a $82.00 price objective (up previously from $75.00) on shares of Ciena in a research report on Tuesday, December 10th. Rosenblatt Securities cut their price objective on Ciena from $94.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, March 7th. Finally, Barclays set a $100.00 price objective on Ciena and gave the stock an "overweight" rating in a research report on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.38.

Insiders Place Their Bets

In other news, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $65.18, for a total value of $443,224.00. Following the transaction, the chief executive officer now directly owns 391,749 shares of the company's stock, valued at $25,534,199.82. The trade was a 1.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total value of $30,068.50. Following the completion of the transaction, the senior vice president now directly owns 49,547 shares in the company, valued at $4,256,582.77. This represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,742 shares of company stock valued at $5,469,173. Insiders own 0.93% of the company's stock.

Ciena Trading Up 2.4 %

NYSE:CIEN traded up $1.51 during mid-day trading on Wednesday, reaching $65.84. The company's stock had a trading volume of 1,657,339 shares, compared to its average volume of 1,903,587. The company's fifty day simple moving average is $81.57 and its two-hundred day simple moving average is $73.53. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The stock has a market cap of $9.36 billion, a P/E ratio of 115.52, a P/E/G ratio of 1.54 and a beta of 0.91.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.